.

EIGHTH

ANNUAL REP0 AND

STATEMENT OF ACCOUNTS FOR TKE YEAR ENDED

3 h t December, 1935.

+

Soarb o€ IIMrector~.

HORATIO BALLANTYNE. CROUDSON WILLIAM BARNISH. DR. R J. H. PATIJN. FRANCIS D'ARCY COOPER. CLEMENT EDWARD DAVIES, K.C., M.P. JAMES LEVER FERGWSON. PAUL RPKENS. HAROLD ROBERT GREENHALGH. DR HEINRICH SCHICHT. LOUTS HERBERT HARTLANTTSWANN, C.B.E. GBQRG SCMICM'IF. ARTHUR HARTOG. FRANZ SCHICHT. P. D, H. HENDRIKS. GEOFFREY HEYWORTH. CHARLES EDMUND TATLOW.

RUDOLF SURGENS. HENRY JURGENS.

THE RT. HON. THE VISCOUNT LEVERHULME.

JOHN WESTALL PEARSON.

DR. J. L. POLAK.

JAMES LOMAX SIMPSQN.

ALBERT VAN DEN BERGH. SIDNEY J. VAN DEN BERGH.

5ecretartee. I& 6. DE BAAT, L, V. FILDES.

COOPER BROTHERS & CO. PRICE, WATERHOUSE & CO.

Weqtstereb Ql@ce, UNILEVER HOUSE, BLACKFRIARS, UNOQIW, E.C.4.

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 3 1 s ~ DECEMBER, 1935.

To be submitted to the Members at the Eighth Annual General Meefing, fo be held

at Southern House. Cannon Street Station, London, E.C.4, on Wednesday, the

6th day of M a y , 1936, at 12.0 noon.

The Directors submit their Annual Report and Accounts for the year ended 31st December, 1935. Owing to the instability of the sterlinglguilder rate of exchange, it i s necessary to continue to

deal separately with the figures of UNILEVER LIMITED and UNILEVER N.V. Where there is a reference to combined figures the rates of exchange at the end of the year have been adopted.

To this Report are attached the Balance Sheets of the two UNILEVER Companies, and a summary of the Balance Sheets and Profit Allocations of Lever Brothers Limited and of the five principal Subsidiary Companies of UNILEVER LIMITED and UNILEVER N.V.

The Consolidated Profits of the two UNILEVER Companies for the year 1935, including their proportion of the Profits less Losses of all Companies forming part of the UNILEVER organisation, after providing for all prior charges and dividends to outside Shareholders of those Companies, are, as set out on page 4, namely :-

1934. 1935. UNILEVER LIMITED .. . ;EI3805>533 f;2,432,156 UNILEVER N.V. . .. Fl. 14,684,846 F1.13~68~879

Out of the profits of 1935, sums of &960,192 and F1.918~326 have been retained by Subsidiary and Associated Companies and have not been brought to the credit of the profits of the two UNILEVER COMPANIES as shown by their Profit and Loss Accounts.

In addition, Lgo,ooo has been added to the General Reserve of a Subsidiary of UNILEVER LIMITED being recovery of tax for which provision had been made before this Subsidiary was acquired and F1. 624,455 to the General Reserve of a Subsidiary of UNILEVER N.V. being profit on the purchase below par and subsequent cancellation of Fl. 8,gg8,000 (nominal) Preference Capital. Neither of these amounts represents earnings of the year and they have not been included in the figure of Consolidated Profits. The same applies to the amounts of @2,453 and F1. 190,563 mentioned hereafter as having been credited during the year to the General Reserves of the two UNILEVER Companies.

The Margarine turnover in some countries could not be increased owing to Government restrictions on manufacture but, taking the concern as a whole, the turnover of both Margarine and Soap showed a satisfactory increase over 1934, due, in the case of Margarine, to the rise in the price of Butter and Lard to a more economic level. The profits of these two commodities show a decrease as compared with 1934 owing to the increase in raw material prices.

The Oil and Cake trade has continued the improvement which set in last year and the benefit derived from the higher prices of their products and better trading conditions more than sets off the decrease in the Margarine and Soap profits.

The West African and Plantation interests have for the same reason shown more satisfactory results than have been possible for many years.

Other industries in which the UNILEVER Companies are interested have contributed materially to the financial results.

Apart from the devaluation of the Belgian Franc and the Danzig Guilder, the exchange rates of the principal curreiicies have remained comparatively stable throughout the year.

The policy of covering outstanding currency risks has been maintained wherever possible and, as a result, differences in exchange in respect of the free currencies have been small. Owing to the wide margins prevailing throughout the year between spot and forward rates, the cost of covering, which has been charged against the results, has been heavy.

In those currencies on whose movements there are restrictions and where covering is impossible, the Wculties to which reference was made last year have increased. Measures taken to deal with surplus cash in restricted currencies have succeeded not only in absorbing accumulations during the year but also in reducing the amount at 31st December, 1935, as compared with that at the end of 1934. These measures have resulted in losses having to be charged against the results of UNILEVER N.V. and its subsidiaries to an even heavier degree than last year. Ample reserves have again been provided for the realisation of the surplus cash on hand at 31st December, 1935.

The statement attached, setting out details of the Consolidated Working Capital, is prepared on a similar basis to last year. The combined total shows an increase in the liquidity of the organisation from the equivalent of ;E39,713,0oo to j640,753,000. Claims and Liabilities maturing later than 31st December, 1936, are not included in this statement. At 31st December, 1935, if the rates of exchange at that date are applied, the total of Long Term Claims amounted to ~8,003,000 and Long Term Liabilities, including Debentures, amounted to ,,96,713,000.

The principal movements in the Balance Sheets of the two Unilever Companies arise from the re-arrangement of the issued Preference Capital referred to at the last Annual General Meeting.

UNILEVER LIMITED issued ]E2,000,000 (nominal) 5 er cent. Cumulative Preferred Stock at

Stock of Lever Brothers Limited at par. The premium on this issue, less expenses, amounted to &82,453 and has been credited to General Reserve.

21s. 6d. per &I Stock, the proceeds of which have been utilise B in taking up a further iC;2,000,000 Ordinary

UNILEVER N.V. purchased and cancelled in June, 1935, F1. 5,021,000 (nominal) 7 per cent. Cumulative Preferred Capital and, in December, 1935, issued, at par, F1. IOO,OOO (nominal) 5 per cent. Cumulative Preferred Capital. The cancelled Capital had been purchased under par and the surplus of Fl. 190.563 arising on cancellation has been credited to General Reserve.

Other movements are confined to inter-group and inter-company financing. In UNILEVER LIMITED, the accumulation of profits in 1935 and the reduction in advances made to Subsidiary Companies has enabled the indebtedness to UNILEVER N.V. to be reduced by ;6807,463.

In UNILEVER LIMITED, the litigation hi connection with a remittance of foreign currency to which reference was made last year resulted in &106,482 being recovered after payment of all expenses. As the claim had been reserved against in full out of the profits of 1933, it was decided not to bring the ;E106,482 back to Revenue but to apply it to augmenting the Union Superannuation Fund for the benefit of the employees of an Associated Company. The Contingency Reserve of EIOO,OOO set aside out of the profits of 1934 remains unallocated and is now included as a Reserve under Creditors.

In UNILEVER N.V., the Contingency Reserve of F1.2,500,000 set aside out of profits in 1934 has been applied as to F1.850,ooo to supplement the Reserve against surplus cash in restricted currencies. After allowing for estimated taxation liabilities there is a balance of F1. I,OOO,OOO which is unallocated and which has been included under Creditors.

The total Cash at Bank and in Hand, Bullio~ and Short Term Loans of the two Unilever Companies, Lever Brothers Limited and of the five Subsidiary Companies whose Summarised Balance Sheets are attached is g4,761,873 compared with J;4,684,825 at 31st December, 1934. Except for the equivalent of ;6gJO4I this amount of &4,761,873 was available in Sterling, Dutch Florins, Belgian Francs or Gold.

c

APPROPRIATIO~ OF PROFITS. The Directors propose to allocate the profits in accordance with the Statement on the opposite

w. The Dividends, paid and proposed on the Ordinary Capital, are calculated in accordance with

the statement issued by the Directors of both Companies on 25th September, 1931. In this Statement it was explained that, owing to the basis of equality upon which the two Companies were formed, and so long as the disparity in exchange continued, the Dividends (both interim and iinal) on the Ordinary Capital in each Company would be declared in Dutch guilders in such a way that the same amount of dividend would be paid on the $ m e nomhal amomt of ordinary Capit& in each Company (the jE sterling being taken for tlm pu ose as equd to x2 Dutch Guilders) and, in UNILEVER LIMITED, the dividend

day of declaration. In UNILEVER LIMITED, out of the balance of jE1,162,zoa avdakde for distribution, it is proposed

to allocate k417,547 to General Reserve, thereby raising it to &6,500,000, to pay a Final Dividend on the Ordinary Capital of the sterling equivalent of 24 Dutch cents per &I Stock (which at the rate of F1.7.2o=E1 would be equivalent to 8d. per .&I Stock) and to carry forward -&367,363 to 1936, which will then show an increase of L67.766 over the bnlaflce broaght forward from 1934.

As the actual rate of exchange hr the payment of the Ordinary Dividend will be determined on the date of declaration any difference between the rate on that day and that provisionally adopted in the Appropriation Statement will be adjusted in the mouxlt d e d f o m d to 1936. This procedure was adopted last year but, owing to the two rates happening to be identical, no adjustment of the amount carried forward was required.

In WNILEVER N.V., the balance avaikble for distribution is F1.10,842,468. It is proposed t o allocate FI. 809,437 to General Reserve, thereby raishg it to Fl. xo~,ooo,ooo, to place F1.2,500,000 to Reserve for Contingencies, to pay a Final Dividend of 24 Dutch cents per F1.12, being z per cent. on the Qrdhary Share Capital, and to carry forward F1.4,127,761 to 3936 which will then show an increase 6f R.334,841 over that brought forward from 1934.

The total dividend for the year 1935 on the Ordinary Capital of U N I L E ~ R LIMITED (assuming a rate of the h a 1 dividend of F1.7.zo=E1) would thus be 63 per cent. in sterling and on the Ordinary Capital of UNILEVER N.V. 4 per cent. in Dutch guilders.

BOARD OF DIRECTORS.

eligible, offer themselves for re-election.

so declared would be pai 3 in sterliTlg at the rate of Cexchahge ruling between England and Holland on the

In accordance with Article 115 of the Articles of Association, all Directors retire, and, being

AUDITORS.

and offer themselves for re-appointment. Messrs. Cooper Brothers & Co., and Messrs. Price, Waterhouse & Co., the Joint Auditms, retire

By Order of the Board,

Secretaries. M. G. DE BAAT,

L. V. FILDES, UNILEVER HOUSE, BLACKFRIARS,

LONDON, E.C.4. zrst April, 1936.

( 4 )

STATEMENT OF CONSOLIDATED PROFITS AND

-, PRQPOSED APPRQPR IATIQNS,

1934.

Leaving a Profit, which includes the results of Subsidiary and Associated Companies only to the extent fa whioh dividends have been or are to be received therefrom, of .. .. .. .. .. .. .. ..

To t b W been added the balance Mttght &WWd from I934 .' .. 4 . 4 . .. & b .. ..

Making a &lance on Profit and Loss Account of . . ..

Out of which the following Dividends have been declared

Dividends onthe 7% Cumulative Preferred Capital, paid and paid during 1935 :-

Interim Dividend on the Ordinary Capital, paid 2nd December, 1935, of 24 cents-per 61 Stock or-per F1. 12 dctdatetf h s h h g at Fl. 7.20 =&I (8d. per LI StQck) .. .. .. .. .. .. ..

Leaving 4 balm= available for dis&ibutJon of . b . i

Which, it is proposed, should be allocated as follows :- Transfer to General Reserve . . .. .. .. Transfer to Reserve for Contingencies Payment of a final Dividend on the Ordinary ca'pital b'r

24 cents per EI Stock or per F1. 12 (provisionally

. . calculated for sterling at F1. 7.20 = EI) . . ..

1935.

U ni 1 ever Limited.

L

2,432,156

960,192

1,771,561

809,437 2,500,000

3,4053270

69714,707

4,127,761

UNILEVER BALANCE SHEET,

I934 ' CAPITAL AND LIABILITIES. € E L

Auihorisbd Sham and Stack Iss* CAPITAL-

7% cumulative Pn3ferred Ra,,kjng &a'nl.i .. . . 3,000,000 2,720,000

Ordinary .. .. * . *,' .. .. . . 12,000,000 11,318,750 5% Cumulative Preferred } .. .. 2,000,000 2,000,000

Deferred .. .. .. .. .. .. .. 200,000 100,000

GENERAL RESERVE- . . . . . Balance, 31st December, 1934.. .. .. Add Premium, less Expenses, on issue of ~2,000,000 5%

Cumulative Preferred Stock . . .. .. CREDITORS- .

Trade ma Sundry Accounts and Reserves for Accrued Expenses, Taxation and Contingencies .. ..

I9079fi34 . UN~LEVER N.V.-Current Account . . .. .. ..

17,200,000 16,138,750 - 6,000,000

' 82,453 6,082,453

PROFIT AND Loss ACCOUNT- Balance perprofit and Loss Account . . .. . - 1,771,561

Le& Dividends on Preferred Stock paid

Interim Dividend on Ordinary Stock during the year .. .. .. f;232,067

paid 2nd December . . .. * * 377,292 609,359

776,889 1,162,202 *

&22,198,268 16238987,529

*ro the MIEMBERS OF UNILEVER LIMITED. -

We report that we have examined the above Balance Sheet with the books of the Company and have obtained as to exhibit a true and correct view of the state of the Company's affairs as at 31st December, 1935, according to the k t

LONDON, E.C. 16th Apvil, 1936.

IDS. PROFIT AND LOSS .. ACCOUNT

L E .. .. 170,555 .. .. .. .. .. .. 1,771,561

'4J& GENERAL ADMINISTRATION EXPENSES AND INCOME TAX . . I1335J48 BALANCE TO BALANCE SHEET ..

6

E1,942,116 - B

The Profits of Subsidiary Companies are included in the above Account to the extent to which they are

E ;E I934 ASSETS.

d INVESTMENTS AT COST, VIZ-

Subsidiary Cm$a&es- As per Balance Sheet 3rst December, 1914 . . . . 14,707,813 _-. .., , . -- Ac<uired in 1935 . .. .. .. .. .. I2

Associated Companies- As per Balance Sheet 31st December, 1934 Acquired in 1935 . . .. .. ..

21,486,650 LOANS AND CURRENT ACCOUNTS-

Subsidiary Companies (including Dividends receivable) 688,258 Associated Companies lincludjn~ Dividends receivable)

v .. .. .. .. 7 .. 752,804 1,441,062

and other Accounts '

I1679&5 CASH AT BANKERS AND I N HAND AND SHORT -TERM P

ADVANCES- Short Term Advances.. .. .. .. .. .. 557,395 Cash at Bankers and in hand .. .. .. .. 502,422

LO591817

GEORG SCHICHT, Diyector5*

F. D'ARCY COOPER,

R. J. H. PATIJN, i ail the information and explar of our information and the ex1

YEAR ENDED

I.

I

&3,987,529 --

tations we have required. Aanations given to us and as shown by the books of the Company.

In our opinion the above Balance Sheet is properly drawn up so

COOPER BROTHERS & CO., PRICE, %'ATERHOUSE & CO., chaYhed A ~ - . . - J - - J -

3

Vwr6bwIIIJ.

31st DECEMBER, 1935. cc r. E

106.718 BALANCE BROUGHT FORWARD FROM IQ?4 . . .. .. 1 . .. PROFIT FOR THE YEAR 1935, including Dividends receivable from Subsidiary

and Associated Companies . . .. .. .. .. .. * 1,642,5119

to be received in Dividends. No losses have been incurred by Subsidiary Companies.

GEORG SCHICHT, F. D'ARCY COOPER,

i R. J. H. PATIJN,

, . .,. . ,x ........ " I .... "_I,, ,, ,

UNILEVEeR NsV. TRANSLATION

CAPITAL AND LIABILITIES. SHARE CAPITAL- fl. fl.

d?Elrrmissd Issued . . ~5,000,000 29,000,000

n c 25,000,000 I00,000 Mkt% M7.i W M s w

7% Cumulative Preferred Shares 5 yo Cumulative Preferred Shares

I934 fa.

Ordinary Shares .. ..

GENERAL RESERVE- Balance at 31st December, 1934

Add :-Profit on cancellation purchased bdow par

I00,000,000

* 250,000,000 170,263,500 .. .. .. 39~,ooo,ooo 199,363,500

.. .. .. . . IOO,OOO,OQO of Preference Shares

. 1 .' . s . I 190,563 100,190,563

CREDITORS- Trade and Sundry Awounts, Deposits and Reserves fer

Accrued Expenses, Taxation and Contingencies. . . a

ASSOCIATED C O H P ~ I ~ - Current Accounts and other Balances ..

PROFIT AND LOSS ACCOUNT- Balance per Profit and Loss Account ..

Less Dividends on Preferred Shares paid

Interim Dividend on Ordinary . .

during the yeax . . .. .. Shares paid 2nd December

.. ..

6,2798913

3,405,270 5,611,005

10,842,468 "I , ^ . , , . " _

fie QI%$*J4~9

TQ the M23MB&RS QP UNILEVER N.?. w e report &ai we have exarmned the above Balance Sheet with the books of the Company and have obtained

Associated Companies and others in counties in which ar(l PiASWtm thet1aderof~ufsei16 laourepinitazt the as at 31st December, 1935, according to the best of OW fith?Bath a&€? the e@laaatio&3 &@t! % ti3 and a8 shoiam LDNf lON, E.G,

16th 1936. -- ~ . . I

38s. PROFIT AND LOSS ACCOUNT

P . 549,250

e :,=-: : _._._..I -._... . . _ 1 - _I... . ---- --,.. _..-.I - -- fl.

GENERAL ADMINISTRATION EXPENSES . . .. .. .. .. .. 640,419

I5*4942930 BALANCE TO BALANCE SHEET . . .. .. .. .. .. * - rfwY33473 18,000 DIRECTORS' FEES . . .. .. .. .. .. .. .. .. 18,000

.c

The Profits Of 8tibsidi~ Gulgcdes are included in the above Account to the extent to which

/ .

SUMMARY OF THE BALANCE SHEETS OF THE AT 31st DECEMBER,

‘ .

CREDITORS . . . . . . . . . PROFIT AND Loss ACCOUNT

Less-

mncnfs, General and Con- tingencies Reserves ...

APPROPRIATION OF PROFITS.

I I I Van den Berghs Jurgens Lever

Brothers Limited. I Limited’ 1 Limited. 1

I I I

NET PROFIT 1935 ...... BALANCE FROX 1934 ...

APPROPRIATBD AS FOLLOWS :- Dividends on Preference

and Preferred Ordinary Capital . . . . . . . . .

Dividends on Ordinary Capital . . . . . . . . .

Bonuses, Directors’ and Staff . . . . . . . . .

Reserve against Shares in Associated Conipanies . , .

306,779 130,067

7257.966 414.330 4533149

230,659

87,188

Anton Van den N.V. Holl. Ver. J urgens’ Bergli’s tot Expl. van

Ver. Fab. Fab. bhrgfab : N.V. N.V. “Hovema.”

fl. fl. fl. 12.296,530 5rI319701 3,034,377

776,562 172,780 173,543

I3.073,092 5>304,4SI 3207,920

I I-

- - 1 - 1 General Reserve ...... Contingencies Reserve . . , Balance to 1936 . . . . . .

<

OF 31st DECEMBER, 15336.

ASSETS. 1934 P. fl. i.

INVESTMENTS, vu.- Sttbsiai~~y Coltzpanh-

As per &dance Sheet 3rst December, 1934 . . * * 2%582,705 Acquired in 1935 . . .. .. .. .. .. 106,555

2I4,582,705 214,689,260 LOANS AND CURRENT ACCOUNTS-

Subsidiary Companies (hcludhg Dividends Reeelvable) 26,176,608 Associated Companies and other Accounts .. - 64,269,565

85,481,380 9%440,173

71870,535 UNILEVER LI&fITED-cUlTUlt Account G272,17I) . . .. 1,973,238

,

CASH AND BULLION AT BANKERS AND IN HAND AND SHORT TERM ADVANCES-

Short Term Adtrances , . i. .. 3,213,162 Cash and Bullion at Bankers and i ihand * .. 9,180496

W393>758

Note in order to comply with the provisions of Art. 42 of the Dutch Commercial Code.

Subject to necessary Reserves, Debts are sliOwn at their nominal valae, those in foreign cUrrencis being taken at the rates of exchange at *ret December,

1

Investments are included at cost price.

1935-

I?. D’ARCY COOPER,

GE0RO SCHICHT,

R. J. H. PATIJN,

all the &formation and e%plasations we have requited. h n s and h m n t Accounts include considerable balances with above EWance Sheet is properly drawn up SO as to exhibit a true and correct view of the state of the Company’s affairs by the books of the Company. j

COOPER BROTHERS W: C% Chartcre& account an^. PRICE, WATERHOUSE & CO., } ... . . . . . . . . . . .

YEAR ENDED 31st DECEMBER, 1936, ct.

fl. BALANCE BROUGHT FORWARD FROM 1934 . . .. .. 1 . .. 3,802,920

14,325,065 Companies .. .. .. .. .. .. .. .. * XJ,308,972

P. I,737JI5

PROFIT FOR Z%IE YEAR 1935, including Dividends receivable from Subsicliary

$. 16,062,180 fl. 17,111,892 - .

they are to be received in Dividends. No losses have been incurred by Subsidiary axppades.

GEORG SCfIfCHT, F. D’ARCY COO=*,

R. J. H. PATIJX, I

. . . . . . . . . . . . . . . . . . ........-‘ ...........-. ,,,,, , , , , , ,, , I

SUMMARY OF THE BALANCE SHEETS OF THE AT 31st DECEMBER,

Van den Berghs

Limited.

Anton Jurgens‘ Ver. Fab.

N.V.

fl.

91,700,000

66,000,000

15 7,700,000 -

25,000,000

921,418

13>073~092

2,748,000

9751543

N.V. Holl. Ver. tot Expl. van

Margfab : “Hovemi.”

Van den Bergh’s

Fab. K.V.

fl.

40,000,000

2 1,000,000

61,000,000

10,000,000

7*5319744

3,215,307

5,304,48 1

1,650,eoo

50,000

85>351>532

Lever Brothers Limited.

Jurgens Limited.

CAPITA~-ISSU~&- Preference, Preferred Ordi- nary and Priority ...

Ordinary . . . . . . . . .

.L 52,869.584

8,500,000

n. 24,000,000

12,000,000

fi 2,500,000

z,500,000

5,000,000

- 200,000

109,047

414,330

67,812

-

36,000,000

- 5,000,000

583,795

3,207,920

690,000

500,000

43,601,715

4.1378500 -

600,000

119,485

453,149

DEBENTURES . . . . . . . . . GENERAL RESERVE . . . . . . CREDITORS . . . . . . . . . PROFIT AND LOSS ACCOUNT

Lcss- Interim Dividends paid

during 1935 . . . . . . Appropriations to Invest-

ments. General and Con- iingcncies Reserves ...

I4I,4-”I

I0.000‘

51655,565

APPROPRIATION OF PROFITS.

Van den Berghs

Limited.

Anton J urgens’

Ver. Fab. N.V.

I Van den Bergh‘s

Fab. N.V.

N.V. Holl. Ver. tot Expl. van

Margfab : ‘’ Hovema.”

Lever Brothers Limited.

d 6,951,187

306,779

7257,966

Jurgens Limited.

L 2 84.2 63

130,067

414.330

135,625

I 16,250

- - - -

162,455

4148330

d 361.274

91,875

12,296,530 fl.

776,562

NET PROFIT 1935 . . . . . . BALANCE FROM 1934 ...

453,149

230,659

87,188

- - 10,000

- 125,302

APPROPRIATED AS FOLLOWS :- Dividends on Preference

and Preferred Ordinary Capital . . . . . . . . .

Dividends on Ordinary Capital . . . . . . . . .

Bonuses, Directors’ and Sta% . . . . . . . . .

Reserve against Shares in Associated Companies ...

General Reserve ...... Contingencies Reserve ... Balance to 1936 . . . . . .

4.7889313

1,275,000 -

300,000

250,000

250,000

394.653

7,257,966 453,149

AND U M l? NOVO PRINCIPAL SUBSIDIARY AND ASSOCIATED COMPANIES 1935.

N.V. Holl. Ver. tot Expl. van

Margfab :,, Hovema.

fl.

Anton Jurgens’

Ver. Fab. N.V.

fl.

I

Van den Bergh’s

Fab. N.V.

fl.

7,785,069

Van den Berghs Limited.

L

Jurgens Limited.

Lever Brothers Limited.

LAND, BUILDINGS, MACHINERY, ETC., less Depreciation ...

INVESTMENTS IN AND NET BALANCE OF LOANS AND CURRENT ACCOUNTS WITH SUBSIDIARY AND ASSOCIATED C O M P ~ I E S (including Divi- dends and Profits receivable therefrom) . . . . . . . . .

OTHER INVESTMENTS ... STOCKS . . . . . . . . . DBBTORS . . . . . . . . . CASH AND BULLXON AT BANX-

ERS AND IN HAND, AND SHORT TERM ADVANCES ...

189,834793

1,500 -

1,027,011

618,447 1,320,303 2,105,660

192,970,965 85,351,532 43,6013715

CONSOLIDATED STATEMENT OF WORKING CAPITAL. OF

UNILEVER LIMITED AND UNILEVER N.V. AND ALL SUBSIDIARY AND ASSOCIATED COMPANIES IN WHICH EITHER OF THESE TWO COMPANIES DIRECTLY OR INDIRECTLY HOLDS 50 PER CENT. OR OVER OF THE ORDINARY CAPITAL.

I 31st December, 1935. 31st December, xg34.

Unilever N.V.

Group.

Ustilever Limited. G r O U 9 .

Unileuer N.V.

Group.

Unilever Limited. Group.

Current Assets :-

STOCKS AT OR BELOW COST

DEBTORS AND PRE-PAYMENTS LESS RESERVES

MARKETABLE INVESTMENTS AT OR UNDER MARKET VALUE

CASH AT BANK AND IN HAND, BULLION AND SHORT TERM ADVANCES . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . .

...

4 21,882,000

8,933,000

2,892,000

fl. 61,283,000

53,191,000

15,100,000

fl. 65,565,000

35,477.000 47. I02,OOO

16505 I ,000

78,854~30

38,646,000 165,828,000

61,400,000

DEDUCT : 44,077,000 Current Liabilities including provision for accrued dividends on

all Preferred Capital and for dividends on the Ordinary Capital of Subsidiary and Associated Companies held by Third Parties.. . 15,213,000

28,864,000

35,000 INTER-GROUP BALANCES . . . . . . . . . . . . . . . . . . Net Current Assets . . . . . . . . . . . . 28,829,000

~3,258,000

25,388,000

X,442,000

23,946,000

86,197,000

2538000

86,450,000

104,428,000

10,5x2,000

Ix4,940.000

#X0,753,000

Combined Net Current Assets (including surplus cash in Countries with restricted currencies amounting to the equivalent of approximately &59,000-r934 ,G1,180,ooo) . . . . . . . . .

,,, ,,,,, ,,,, ”,, .,_.,,_.....,,,,,, &*.,,“”,< ...., ..... ,. ,_,”